---
schema_version: "secwatch.filing_event.v1"
accession: "0001903596-23-000590"
form_type: "8-K"
ticker: "NWPP"
cik: "0001163389"
company_name: "NEW PEOPLES BANKSHARES INC"
filed_at: "2023-08-09T23:59:59+00:00"
generated_at: "2026-06-11T21:28:09.419333+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# CEO C. Todd Asbury to step down by May 2024; will serve as senior advisor through May 2025

## Summary
- CEO C. Todd Asbury to transition out: Bank roles end Dec 1, 2023; Company roles end May 31, 2024.
- Asbury to become senior advisor June 1, 2024 through May 30, 2025 for $305,000 consulting fee.
- Asbury remains on boards until 2025 annual meeting; COBRA continuation payments begin Jan 1, 2024.
- Amendment includes equity program participation and restrictive covenants through May 31, 2025.

## SEC filing metadata
- accession: 0001903596-23-000590
- form_type: 8-K
- ticker: NWPP
- cik: 0001163389
- company_name: NEW PEOPLES BANKSHARES INC
- filed_at: 2023-08-09T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1163389/000190359623000590/0001903596-23-000590-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1163389/000190359623000590/nwpp_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001903596-23-000590
- JSON: https://secwatch.observer/filing/0001903596-23-000590.json
- Plain text: https://secwatch.observer/filing/0001903596-23-000590.txt

## Key facts
- Executive change
  C. Todd Asbury departed as President and Chief Executive Officer at NEW PEOPLES BANKSHARES INC.
  - Action: will step down
  - Role: President and Chief Executive Officer
  source text: On August 7, 2023, New Peoples Bankshares, Inc. (the “Company”), the holding company of New Peoples Bank, Inc. (the “Bank”), issued a press release announcing that C. Todd Asbury, the President and Chief Executive Officer of the Company and the Bank, will step down from his current Bank positions effective December 1, 2023 and his current Company positions effective May 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1163389/000190359623000590/0001903596-23-000590-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.